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The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm.
The Singapore Overnight Rate Average or SORA is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8.00am and 6.15pm. The SORA Publication Date is the same date as the SORA Compounded Index Value Date.
Note: SORA refers to the Singapore Overnight Rate Average, the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm.
The 1-month, 3-month and 6-month compounded SORA rates are currently at 3.7522% p.a., 3.6501% p.a., and 3.4825% p.a. respectively (last published on the Monetary Authority of Singapore (MAS) website on 15 June 2023).
The 3-Month Compounded SORA (3MSORA) is computed by compounding the daily published SORA rate over the historical 3-month period. For mortgage loans that are pegged to 3-month Compounded SORA (3MSORA), interest rate is reviewed on 3-monthly basis.
Choosing a 1M SORA rate package means your interest rates are ‘refreshed’ monthly, and your mortgage payment will vary monthly. Picking a 3M SORA rate home loan translates to your interest rates being ‘updated’ every quarter. Consequently, your monthly mortgage payment changes every three months.
The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore between 8am and 6.15pm. SORA is accessible at no charge on the MAS website.
Compounded SORA for 1-month, 3-month and 6-month is the compounded average interest rate you “earn” from overnight interbank rates on a rolling past 30-day, 90-day or 180 days respectively.
At the time when you’re ready to take up the loan with DBS, the 3-month Compounded SORA rate offered is 0.1332% (as of 8 July 2021). As its name suggests, the 3-month SORA rate is updated every 3 months on MAS website, so your home loan package will update every 3 months as well.
SORA has replaced the Singapore Interbank Offered Rate ( SIBOR) and Swap Offer Rate (SOR) as the key interest rate benchmark for Singapore dollar (S$) interest rate contracts. SORA is calculated and administered by the Monetary Authority of Singapore (MAS).